He said Blaszczak’s “network of friends was his secret sauce,” while Deerfield was “in it for the money” and Worrall hoped his tips would land him a lucrative private sector job.

Now, all of that sure does sound like the sort of that counts as insider information these days, especially when one of Blaszczak’s clients is telling one of his successors that if he’s not getting inside dope he is “going to suck” at his job. But it is not so simple according to some people.

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But in his opening statement, Blaszczak’s lawyer David Patton said there were “zero allegations” anyone was paid for tips, and that “there was no secret mole inside” CMS, whose information was “constantly” shared outside the agency….

John Nathanson, a lawyer for Worrall, said much information his client had been accused of leaking was public, and denied there was any quid pro quo.

Of course, there’s nothing in the recent insider-trading decisions that says any of those things is required for something to constitute insider trading, but who knows? Maybe the next federal judge to consider the meaning of those two words will decide that they are.